Indianapolis Times, Volume 46, Number 135, Indianapolis, Marion County, 16 October 1934 — Page 11

Developments in Trade and Industry

PRICES STEADY, VOLUME LARGE ON BIGBOARD Sales Double Yesterday’s Light Session; List Is Also Higher. H ‘ t nil- -1 I‘rr.t NEW YORK. Oct. 16.—Prices firmed .steadily in the morning dealings on the Stock Exchange today with volume double that of yesterday's light session. At noon the list was fractions to nearly 3 points above the previous close. Further strength in silver metal brought buying into silver stocks at rising prices. United States Smelting, leader of the silver section. gained 3 1 points to 118’ 2 and held most of the rise. American Smelting reached 37'*, up %; Cerro rie Pasco, 39 -u up l>, and Howe Sound, 53%, up 1%. Atchison led a rise in the rails,! touching 53%, up 2%. Spiegel, May Stern touched 69%. up 2%, in "the mercantile division, where gains ranging to more than a point were ! made by Penney, Montgomery Ward, Sears-Roebuck, Ma:y and McCrory A. American Can was bid up to 103%, up 2%, and gains of a point or more were noted in Air Reduction, American Tobacco B, Du Pont, Case, Celanese, Chrysler, Industrial Rayon, Loew s, Johns-Manville, Nash and Schenley. Steel common gained fractionally as did Consolidated Gas.

Money and Exchange

INDIANAPOLIS STATEMENT Clrarlnss $2 567.000 no Debits 8.361.000 00

Treasury Statement

<Bv United Presst WASHINGTON. Ort. 16 Government expenses and receipts for the current fiscal year to Ort is, compared with the corresponding period of the previous fiscal year: This Year !.ast Year. Expense* $1.7:0 7R1.382.44 $1,108,801,391.08 Receipts 1.112 Ml 691 43 817.222.343 03 Deficit 687 211.67101 261 579.048 05 Cash Hal. 2.092.365 22.1.72

Produce Markets

Dellvrrrd in Indianapolis prices: Heavy liens. 11c. I-ekhorr. hens. 7c; colored .'prlngers. 1% ’.hs. and over. 11c Lcr--1 >rn springers 9c. old roosters, sc: ducks. sc; geese. sc; voung guineas. 20c; old guineas. 15c; No. 1 strictly fresh country run eggs, loss off. 19c. Each full case must weigh 55 lbs gross; a deduction ot 10 cents a pound for each pound under 55 ibs. will be made Butter—No. 1. 27-28 c. Butterfat. 23e Quoted bv the Wadlev Company. (Bv United Press) CHICAGO Oct 16.—Errs Market firm; receipts, 2 187 eases: extra firsts. 24c; 1 fresh graded fir-t*- 23c. current reremts. ) [22(31 dirtii No 1. 19c; No. 2. 16c: j No 1. 17e: No 2 lie Butter Market I firm; receipts. 9,673 tubs; extra firsts (90- I VIIscore). 1 score). 24'ju25c. extras |92 scorn. 25' c; fli % (88-89'. scorn. 23'/23%c: ! second* 186-87 1 *rorei 22 ; _r special'. 26 26’. c; si nriurd.s. 24%c. Poultry Market unsettled; receipts. 43 trucks, 1 car: j geese 9'ollc; turkevs. 13® 15c: old; roosters. 11c. duck 10® 14c; .springers, j heavy Hock. 15c hens, hcavv. 14%c: guinea liens. $4 •< 7 a doren Potatoes— Supply moderate demand and trading moderate; market steady: Wisconsin r' ( and wlnte 85 (90c; Idaho russets. $1 30 > i 45. showing decay $1 20; Colorado McClures. $177'... Arrivals. 54. on track. 239. shipments. 789.

On Commission Row

Quotations below are average wholesale ■ prices being offered to buyers bv local commission dealers. FRUITS — Cranberries, Cape Cod early blacks. 25-lb box. <2 75 Grapes. Michigan Concords. 12-qt. basket, 40c. California seedless 26-Sb. box. $2 10. Crabapples. M i'ingnn hyslops. bushel. $1 85 Persimmons. Indiana. 12 q’s . 90c Pears. New York Bart lets. bushel. $2.50. wWacados. hox $1 50. Quinces, bushel. *3. Bananas. pound. s'c. pineapples, crate. $5 i size 30. VEGETABI.ES— Cabbage. Northern Danish. 50-lh big. 65c; red. bushel $1 10. Onions Idaho sweet Spanish, large, 50-lb. bag SI 35 Michigan, yellow. 90c; Michigan, 10-lb bag. 20c: white, hollers, 10-lb. bag. 35c Western white. 50-lb bag. $1 75;. Potatoes, New Jersey Cobblers. 100-lb. bag. *1 45; Northern round white. 100-lb. bag. SI 10; Ohms. 100-lb. bag. $155: Idaho Rus.-ets, 100-lb. bag. $2. Sweet po;atoes; Indiana Jersevs. bushel. $1 50; Indiana Nancy 11a.is. bushel. sl. Beans. homegrown. sTlng’.ess. bushel. $1.75; Kentucky wonders, bushel $1.50: Limas. large, pound 20c Beers, dozen. 20c Carrots. Chios, dozen 35,- Ohio -cut ofTsi. washed. 22-lb bn-set. me. bushel. SI 15. Cauliflower crate. $1 7V Celery. Michigan, medium, dozen, 40c; Jumbo, dozen. 65c; hearts, bunch. 90c Cucumbers, hothouse, dozen. sl. Endi-.e. dozen. 40c Fgg plant, dozen. 69c K tie. bushe. 50c. Lettuce, outdoor. 15lb basket 60c Mangos, bushel 75c. Mint, do. n. 50c Parslev. dozen. 35c. Peas, hamper $2 75. Peppers, red finger, bushel. *1 5-lb. basket. 50c. Radishes, dozen. 25c Spinach. New Zealand, bushel. 35c; bio a die if. basket, 60c Tomatoes, outdoor. 12-ib. basket. 45c. bushel. $1 50. * nt ITU tNB VEGETABLES ißv L'nited Press i (MIC AGO Oc- 16 \pples Michigan M. intosii. bushels. 2‘j-inch. $1 50-u 1.75. Swtei potatoes Tennessee, bushels. 80si r few s’. I.'nice California crates. $1 40 ./ 2.35 Beans Illinois, green, bushels. . a i 65c Cai'bage Wisconsin, crates. 30'.t 1r: Peppers Illinois bushels. 40 > 65c. Eggplant Illinois bushels 20 1 25 c. Celery Michigan. crates. squares. 30 u 50c. Or, g< n cauliflower Crates. $1; Michigan. 75c il 10. Grapes Michigan. Concord. 12 quarts 29 ••32c bushels. 75 1 85c Cranh.u .ies M • -achusetts. , barrels. $2 40<tt 250 Spina.-;. Michigan, bushels. 15-vi3sc: Missouri. 40c Carrots - Illinois, bunches. 1 l'.-c. Ceierv Cabbage Michigan flat crates 30 35c Beet Illinois and Indiana, bunches. I 1' e Onions Green, hunches, f 8c Or. 'n market ' -lb sacksi Mich--g.iu ve'. I s. 7 - Idaho whi’es. $1; 1, ,'uo e •• v- ' 85c. Indiana and Illinois yellows. 40'.i 60c. LENIENCY URGED BY RFC LOAN CHAIRMAN Fift.v-two Agency Managers Are Instructed by Jesse Jones. By f uif' ’I l‘ r < ■<* WASHINGTON. Oct. 16 —Reconstruction Finance Corporation Chairman Jesse Jones has ordered managers of the thirty-two RFC loan agencies to use leniency wherewr possible in connection with loan repayments by borrowers. Mr. Jones said that extensions should be given wherever our security will not suffer'’ for as long as five years from Jan. 31. 1935. if necessary. • Partial payments are preferable, but forced liquidation is not in the interest of recovery and we wish to be at helpful as possible to our borrowers in meeting their obligations of citizenship, as well as to pay their debts to the corporation,” Mr. Jones stated. COAL PRODUCTION7s UP Indiana Output Totals 309.000 Tons During Week Ended Sept. 29. Bituminous coal production in Indiana reached 309.000 tons for the week ended Sept. 29. a report of the United States bureau of mines showed today. The production was an increase over the 298,000 tons produced during the previous week and 300.000 tons produced for the same period in 1933. Indiana produced more than 4 per cent of the nation's output.

Two Million Persons Houses Saved, Funds Received by Closed Banks as HOLC Strides Into Its Second Year

Benefits Derived From Home Owners' Loan Corporation Cited in Report; Cash Distribution Adds to Buying Power During Emergency. By Ttm>* Special WASHINGTON, Oct. 16. Within approximately one year from the date of its establishment, the Home Owners’ Loan Corporation reports, as of Sept. 1, the ccmpletion of refinancing loans on 192,684 homes throughout the country, aggregating $1,476,913,010, according to the Federal Home Loan bank review.

Os the balance of 1,159,000 t applications, the review states, some 689,000 have passed through the appraisal phase and are mostly in the hands of attorneys for title exam-, ination and closing. A large percentage of the remaining 470,000 applications have been rejected because they do not fall within the provisions of the act and a smaller percentage are in the earlier processes of examination. In addition to the 1,651.811 applications received up to Sept. 1, the corporation has interviewed at least 300.000 persons who were not permitted to file petitions because of obvious ineligibility. The social consequences of this intervention to prevent the eviction from their homes of more than 2.000,000 people during a period of great tension and unrest hardly can be overestimated, the report points out. To save this portion of the population from despair and to prevent complete chaos in the real estate field has been worth an in-

New York Stock Exchange Prices

Bv Abbott. Proctor & Paine. 11 00 Prev. A M Oils— High. Lowe N Y. close. At 1 Rfg 23% 23% 23% 23% Barnsdall ....... 6% 6% 6% 6% Consol Oil 8 7% 8 7% Cont of Del ... 16% 16% 16% 16 Houston told) . 14% 14% 14% 15% Mid Cont Pet... 10 10 10 10% Ohio Oil 9% 9% 9% 9% Phillips Pet 13% 13% 13% 13% Pure Oil 6% 6% 6% 6% Shell Un 6% 6% 6% 6% Soc Vac 13% 13% 13% 13% S O of Cal ... 29% 28% 29 29 SO of Ind 24% 24% 24% 24% S O of N J 41% 41 41% 41 Sun Oil 70% 70 70% 70 Texas Core .21% 21 21% 20% Tidewater Assn . 8% 8% 8% 8% Un Oil of Cal .. 13% 13 % 13% 13% Steels — Am Roll Mills . 18% 18% 18% 18% | Beth Steel 29 28% 28% 28 j Cruc Steel 19V, 19% 19% 19% I McKeesport Tin 90% 90 90% 89% Natl Steel 37% 37% 37% 36% I Otis Steel .... 4% 4% 4% 4% I Bep 1 fz Stl 13% 13% 13% 12% Rep 1A- Sll pfd 40 39% 40 39% U S Pipe & Fdv 19% 19*2 19% 19% j U S Steel .. 33% 33% 33% 33% U S Steel pfd 75 1 * 7,V a 75' 75 Young'wn S& T 6 5 a Motors— Auburn 29% 29, 29% 29 Chrysler 36’* 35% 36% 35% Gen Motors 30% 29% 30% 29% Graham Mot ... 2 2 2 2 Hudson 10 9% 10 9% Hupp 2% 2% 2% 2% Nash 15% 15 15% 14% Packard 3% 3% 3% 3% Studebaker 3% 3% 3% 3% Yellow’ Truck ... 3% 3% 3% 3% Motor Access— Bendix 12% 12% 12% 12% Bohn Alum 53% 53 53% 53 Borg Warner ... 23% 23% 23% 23% Briggs 18 17% 18 17% Eaton Mfg • 15% i5% 15% Elec Auto Lite 25% 24% 25 24% Houdaille A 4% 4% 4% 4% Mullins Mfg pfd 26 26 26 26 Murray Body •• 5% 4% 5 5 Stew Warner ... 6% 6% 6% 6% Timken Roll ... 29% 29% 29% 29% Mining— Alaska Jun 19 18% 19 18% Am Smelt 37% 36% 36% 36% Anaconda 11% 11% 11% H% GRAIN FUTURES TURNUNEVEN Outside Market Weakness Offset by Local Corn Sales. By Vnitcd Press CHICAGO. Oct. 16.—'The price trend of grains on the Chicago Board of Trade was mixed today. Weakness in outside markets, however. was offset by commission house and local buying in corn. Wheat started unchanged to 1 , cent lower, corn was % to % cent higher, oats were unchanged to % cent off. rye was off % to ** cent, and barley was down 1% cents. Liverpool followed the weakness in Argentine yesterday and prices took to the downside. Rotterdam closed 2% to 2% cents lower. Buyers rallied to the support of the corn market and there also was | considerable buying in wheat futures. The demand for cash corn continued strong.

Chicago Futures Range

11:15. Prev. WHEAT— High. Low. A M. close Dec 1 00 1 * .99'2 1 00 .99*8 May 1 00*, 99’2 1 00< s .99*, Julv 95 r % .95 .95 s , .95*8 CORN— Dec. . 77 1 * .76'; .77 .76 1 * Ms v 79*, .78*4 .79*8 .78'a Julv 79', .79*8 .79*4 .79 OATS— Dec. 52', .51*8 .52’ 8 .51*8 Mav 50 V, 49*, 50 49', Julv 46 l 4 .45’8 .46 .45*8 Dec . 74 1 ’ ,73 ! 2 73S -74'4 Mav 76*4 .75*4 .75*4 .76*4 BARLEY— Dec 78’ a 78 78'z .79’ 2 Mav 76*4 .76*4 .76*4 .76': LOCAL CASH MARKF.T C'.tv grain elevators are paying 89 cents for No 2 soft red wheat. Other grades cn their merits. Cash corn No. 3 yellow--68 cents, and oats 43 cents. WOOL PRICES HIGHER Actual Purchases Are Being Made in Territory Lines. By l'nited Pres* BOSTON. Oct. 16.—Encouragement over the recent scattered improvement in demand for greasy combing domestic wools is desired partly from the fact that actual purchases have been made in territory lines, according to a report of the United States agriculture department. The firm asking prices on the bulk of the territory wools in Boston are relatively higher than quotations on fleeces and prices at which wools 1 can be bought direct in Texas.

Abreast of The Times on Finance

calcuable sum to the taxpayers of the nation. In addition to the primary social and economic benefits in preserving the existing structure of home ownership, attention is called to the large number of secondary benefits to depositors of closed banks, to munic.palities where taxes were in arrears, to small contractors and repair men, to insurance agents and companies and to mortgagees who received liquid for nonliquid paper. Up to Sept. 7, a total of over $200,000.000 had gone to closed institutions to assist them in opening their doors and to aid depositors. Taxes and assessments paid to counties and municipalities amounted to $103,300,000. Repair and maintenance disbursements to small contractors for improvements and reconditioning totaled $20,274,000. Attorney and appraisers’ fees, insurance and other advances amounted to $26,930,000. This disbursement of cash, the review asserts, has served the useful purpose of adding to the purchasing power of the country during the present emergency.

Cerro tie Pasco . 39% 38% 39% 38 Dome Mines ... 42% 42% 42% 42% Granby 6% 6% 6% 6% Howe Sound ... 53% 53 53% 52% Int Nickel .... 24% 24% 24% 24% Isl Creek Coal .. 28% 28% 28% 29 Kennecott Cop . 18% 18 18% 18 Noranda Cop ... 39 39 39 38% Park Utah 4 3% 4 3% St Joe Lead 17 17 17 17 U S Smelters . ..118% 117 118 115% Vanadium 17 17 17 17% Amusements— Croslev Radio ... 14% 13% 14’% 14 Fox Thea 13 13 13 13 Loews Inc 31% 30 31% 29% Radio Corp .... 5% 5% 5% 5% Warner Bros ... 5% 5 5 4% Tobacco*— Am Snuff 66% 66% 66% 66% Am Sum Tob ... 19% 19% 19% 19% Am Tob A 77 77 77 77>4 Am Tob B 80% 78% 80% 78% Ligg * Mvers B 99% 99% 99% 99% Lorillard . 18% 18% 18% 18% Reynolds Tob B 50 49% 50 49% Rails— Atchison 53% 53 53% 51% Atl Coast Lines . 31% 31% 31% 32% B fz O 16% 16% 16% 15% Can Pac 12% 12% 12% 12% Ch fz Ohio 43 43 43 43% Chi & Gt W ... 2% 2% 2% 2 C M & St P 3% 3% 3% 3% C M & St P pfd 5% 5% 5% 5% Chi N W 6% 6% 6% 6% Dela A- Hud ... 42% 42 42 40% Del Lac fz W. . 19% Grt Northern pf 16% 15% 16% 15% 111 Central 17% 17 17% 17% Lehigh Valley .. 11% 11% 11% 11% M K & T ... 6% 6% 6% 6% M K & T pfd... 15% 15% 15% 15t 8 N Y Cent . 22% 21% 22% 22 N Y New Haven. 10% 10% 10% 10% Norfolk & Wes 68% 168 168 168% Nor Pac 120% 19% 20% 19% Penn R R 23% 23% 23% 23% Sou Pac 18% 18 18% 18 Sou R R 17% 17 17% 16% Union Pac 102 101% 102 101% Equipments— Allis Chalmers.. 13% 13% 13% 13 Am Loco - 18 17>, a 18 17% Am Mach & Fdy 17% 17 17% 17 Bald Loco .. 8% 8% 8% 8 Bald Loco pfd . 34% 34% 34% 34 Burroughs 14% 13% 14 13% Case J I 48% 47% 48% 46% Cater Tract .... 27% 37% 37% 37% Deere & Cos ... 19% 19 19% 19% Elec Stor Bat... 43 42% 43 43 Foster Wheeler. 10% 10% 10% 11% Gen Am Tk Car 35% 34% 35% 35 Gen Elec 18% 18% 18% 18% Int Harvester .. 32% 31% 32 32% Natl Cash Reg .. 15% 15% 15% 15% Pullman Inc ... 39% 39 39% 39 Rem Rand 8% 8% 8% 8% Und Elliot 49% 49% 49% 49 West Air B 24% 23% 24% 23% Westingh Elec .. 32% 31% 32% 32

Utilities— Am fz For Pwr. 6% 6% 6% 6% Am Pwr & Lit .. 5 4% 5 4% AT&T 110% 110% 110% 110% Col Gas fz Elec 9 8% 9 8% Com & Sou ... 1% 1% 1 % 1% Consol Gas . . 28% 28% 28% 28% Elec Pwr & Lit. 4 4 4 4 Int Hydro Elec.. 3% 3% 3% 3% Int T & T .. 10% 9% 10% .. Nat Pwr fz Lit.. 8% 8% 8% 9% North Amer ... 14 13% 14 13% Pac G fz E .... 14% 14 14% 14% Postal Tel pfd .. 14% 14% 14% 14% Pub Serv N J. 32% 32% 32% 32 So Cal Edison. 12 12 12 12 Std Gas 8 8 8 7% United Corp ... 3% 3% 3% 3% Un Gas Imp .. 14% 14 14% 14 Western Union. 35% 34% 35 34% Rubbers— Firestone 14% 14 14% 14 Goodrich 9% 9% 9% 9% Goodyear 22% 22 22% 22 Kellv Spring .... 1% 1% 1% 1% U S Rubber . . 16% 16% 16% 16% U S Rubber pfd. 39% 39 39% 38 Miscellaneous— Am Bank Note 13% 13% 13% 13% Am Can . 103% 102 103% 101% Brklyn Man Tr 39 39 39 38% Ccntl Can 87% 86% 86% 87% Crown Cork 17% 17% 17% 22 Eastman Kodak 102% 102% 102% 103 Gillette 12 11% 12 11% Foods— Am Sugar 62 62 62 , 62 % Borden Prod ... 25% 25% 25% 25% Cal Packing 36 36 36 36% Canada D G Ale 14% 14% 14% 14% Coca Coia 137% 137% 137'j 138 Corn Prod 67% 67% 67% 67% Crm of Wheat... 32% 32% 32% 32 Gen Foods 30% 30% 30% 30 Gold Dust 17% 17% 17% 17% G W Sucar ... 29% 29% 29% 29% Natl Biscuit ... 29% 29 29% 28% Natl D Prod ... 16% 16% 16% 16% Puritv Bak 10% 10% 10% 10 Std Brands • •■. 20% 20 20 19% Retail Stores— Assd Drv Goods. 12% 1% 12% 12 Gr Cn Tea .. 5% 5% 5% 5% Hahn Dept Sts .. 5% 5% 5% 5% Kresge S S .... 18% 18% 18% 18% Macv R H 43% 43 43% 43 Marshall Fields 12 12 12 12 Msv Dept St .. 40% 40% 40% 40% Mont Ward 29% 28% 29% 28% Natl Tea 11 11 11 11 Pennev J C 66% 64% 65% 64% Safeway St . . 43'.- 43% 43% 43% Sears Roebuck . 41% 40% 41% 40% Woolworth 50% 45*• '4O 49% Aviation— Aviation Corp ..4% 4% 4% 4 Curtiss Wright . 2% 2% 2% 2% Curtiss Wr A . 7% 7 7% 7 United Aircraft. 10 9% 10 9® Chemical*— Air Reduction -.105% 104% 105% 104% Allied Chem 130 129% 130 131 Am Com Alcohol 29% 28% 29 27% Col Carbon 68% 68 68% 66% Com Solvents .. 20% 19% 20% 13'* Dupont 93% 92% 93% 92% Freeport Tex ... 27% 27 27% 27 Liquid Carb 31% 21% 21% 21% Montoson Chem 54% 54% 54% 54'* Natl Dis (new i . 22% 22 22% 21% Schenlev Dist .. 24% 24 24% 23% Tex Gulf Sulph . 37% 37% 37% 37% Union Carbide 45% 44% 45% 44% U S Ind Alcohol 39% 38 39% 37%

Retail Coal Prices

The following price* represent quotation.' from leading Indianapolis coal dealers A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Antfiraclte -t 113.50 Brazil Lump 5.90 Brazil Lump 590 Brazil Mine Run 5.2a Coke. Nut Size 8.65 Coke. Egg S!z ■ • ■••••• •■••• f*2 Indiana Forked Lump No. 4 and 8.. 573 Indiana Egg .... - 5-71 Kentucky Lamp Grouo "B” 7.18 Pocahontas Lump 8 32 Pocahontas Egg 843 Pocahontas Mine Run 7.70 New Bitu Smokeless 8.35

INDIANAPOLIS, TUESDAY, OCTOBER 1(5,1934

CONVENTION GUEST

Arthur C. Whiteside

One of the guest speakers at the annual meeting of the American Institute of Accountants at Chicago yesterday was Arthur C. Whiteside, member of the national industrial recovery board and president of Dun & Bradstreet. LOW BIDDER NAMED WASHINGTON, Oct. 16.—The treasury has announced that Dice Schmidt Construction Company, Chicago, with $117,500, was apparent low bidder for construction of a post office at Waycross, Ga.

Drugs— Lambert 24% 24V 24% 24 Un Drug 13% 13 13% 13% Zonite Prod .... 7% 7% 7% 7 Financial— Allegheny Corp. 1% 1% 1% 1% Am Int Corp ... 6% 6% 6% 6% Lehman Corp .. 58% 58% 58"’4 56ni Lehman Corp .. 68% 68% 68% 67% Transamerica .. 5% 5% 5% 5% Tr Conti Corp.. 4 4 4 4 Building— Am Radiator ... 13% 13% 13% 13% Int Cement 21% 21% 21% 21% Johns Manville . 48 47% 47% 46 Libbv Owens Gls 28% 27% 28% 28% Otis Elev 14% 14% 14% 14% Ulen Const 1% 1% 1% 1% Household— Col Pal Peet ... 15% 15% 15% 15% Congoleum 29% 29% 29% 29% Kelvinator . . 14 Proc fz Gamble 38® 38% 38% 39 Simmons Bed .. 9% 9% 9% 10 TexHles Celanese Corp .. 26% 26 26% 25% Collins Aikman. 13 13 13 13% Gotham Hose .. 5% 5% 5% 5% Indus Rayon ... 27% 26% 27% 26%

Chicago Stocks

(By Abbott, Proctor Sz Paine) 11:15 Prev. A. M. close. Bendix Aviation 12% 13 Borg Warner 23% 23% Butler Bros 8% 8% Chicago Corp pfd 26 % 26 Cord Corp 3 3 4 3 'i National-Standard 25% 25% Prima Cos 2% 2% Swift fz Cos 18% 18% Swift International 28% 28% Vortex Cup Cos 13% 13% Walgreen Cos com 24% 24%

New York Bonds

ißv Fenner & Beane i 11:30 A. M. Prev. N. Y. close. Allee Corp 5s 'SO 26 '2 27 Am and For Pwr 5s 2030 63 >2 53 1 2 ’ A T & T db 5s '65 109 109 1 s Atchison Gen 4s ’9 .5 103 105 B & O cv 4'.2S '6O 57 56' 2 Can Pac 4s '57 79 78*4 C & O 4' 2 s (A) '57 110 109*4 Ch M S P & P adj 5s iAi 2000 B's 8 1 , Ch M St P ft P rs 5s (A) '75, . 27! 2 26 5 a Denmark 5' 2 s '55 92 92 Erie R R rs 5s '67 67 66 'i Goodyear 5s '57 . 102 1 4 102 Gt Nor 4> 2 s IDI '76 72 '.2 71 Gt Nor 7s An '36 90 89*4 Interboro R T 5s ’66 76 76 Int T <fk T db 5s ’55 59 1 b 59 Lorillard 7s ’44 125 125 Mckess Ac Robbison 5! 2 s ’SO . 87*4 88 Nat Dairy db S'as ’4B 99' 2 99*8 N Y Centra’ ; O 2013 66' 2 66*4 Pac Gas & ca os IAI ’42 10454 104 U Para Pub 5'2S 'SO 57 06*4 Poland 7s ’47 131*4 131’, Shell Union Oil 5s '52 101', 101 U Texas Corp 5s ’44 103', 103 1 , Tob Pr N J 6' 2 s 2022. 108>4 108‘ g Un Pac Ist 4s ’47 106*8 107 U S Rubber 5s (A) ’47 85 ! 2 85 Vanadium 5s ’4l 83!- 83 Western Un 5s ’sl 81 81 A, TANARUS, & T. REPORTS PERIOD INCOME DIP Earning Total $28,204,683 During Quarter. Bit l'nited Press NEW YORK, Oct. 16.—’The American Telephone and Telegraph Company reports a net income of $28,204.683, or $1.51 a share, for the quarter ended Sept. 30, compared with $28,967,087, or $1.55 a share, in the previous quarter, and $35,127,710, or SI.BB, in the corresponding 1933 period. For the nine months ended Sept. 30, net income of $90,203,878, or $4.83 a share, is reported, compared with $101,351,844, or $5.43 a share, in the first nine months of 1933. Treating the system as a whole, with the inclusion of the Western Electric Company, earnings for the nine months are indicated at around $4 32 a share, compared with $3.89 a year ago. Toll and long distance calls in the third quarter showed a gain of 2.5 per cent over the 1933 period, while such calls in the nine months were 5 per cent ahead of a year ago. In the third quarter, the system enjoyed a net gain of approximately 37,000 telephones against a net loss of $50,000 a year ago. The system showed a net gain of 266.000 stations for the nine months period. STEEL - OUTPUT DROPS Production Placed at 22.8 Per Cent of Capacity for Week. By United Pres* NEW YORK. Oct. 16.—The steel industry is operating currently at 22.8 per cent of capacity, compared with 23.6 per cent a week ago, a decrease of 0.8 of a point, or 3.4 per cent, the American Iron and Steel Institute reports. Operations in the industry a month ago averaged 22.3 per cent, while in the corresponding 1933 week steel companies were operating at 39 per cent of capacity.

NEW PROBLEMS SEEN IN SILVER PURCHASE PLAN China Alarmed Over New Deal Policy; Notes Exchanged. B>t T'nited Pree* WASHINGTON, Oct. 16 —New ! difficulties in operation of the administration's silver-buying program were foreseen today after publication of a series of messages between the United States and China. 1 Soon after the messages were made known. China took steps to halt the drain of silver which was attributed to the American purchase policy. The action, consisting of a 10 per cent tax, was believed to indicate a belief that no fundamental change in the American silver program could be expected. China has been alarmed because of the rise in the price of silver and fears that her national economy would be upset by a drain of the metal that is the basis of her monetary system. Note Gives Asusrance The note exchange gave China assurance that the plan would be carried out so far as possible to avoid any disturbance to her, but indicated no change in policy might be expected. Secretary of State Cordell Hull advised Chinese Minister Alfred Sze that “This government, while necessarily keeping within the general purpose of enactment, will give the closest possible attention to the possibilities, so arranging the time, the place and the quantity of its purchases as will keep in view the consideration put forward by the Chinese government in its communication.” Secretary Hull pointed out, however, that the silver purchase policy as provided by congress was mandatory. Requests American Co-operation The state- department made public a cablegram from Dr. H. Kung, finance minister at Nanking, asking “American co-operation to prevent further rise in the price of silver and to maintain stability as contemplated in the London agreement.” He asked whether the United States might not confine its policy to silver already in the United States, thus preventing the drain out of China. Mr. Hull declared that “free markets in which gold or silver could be acquired by purchasers are now open to all nations, and therefore direct intergovernmental transactions have not been undertaken. The availability of such markets in the future is open to friendly discussion, especially because of our desire to work toward common standards.” Government Faces Quandary He promised that the United States would "be glad at any time to explore these larger problems with your representatives.” Financial observers felt the government faced a quandary. It is committed and under heavy pressure to go on buying silver. At the same time, increased purchases may disturb vital good relations in the Pacific. Satisfaction of the Chinese desire to get their gold and silver might ibe accomplished by operations | through London, it was suggested, since the United States does not ban gold shipments to gold standard countries. A possible complication arises from the fact that most Chinese silver is in private rather than governmental hands.

Stock Studies

COMMERCIAL SOLVENTS * COMMON stock INS f— I" —IN PRICE MUM EARNINGS PRICE RANGE SCALE _ £ LOO- Y ———Til - " 60 WINCHESTER INSTITUTE OF FINANCE The Commercial Solvents Corpo- j ration is one of the leading firms manufacturing alcohol derived through a patented process from; the fermentation of corn. When or- < ganized in 1919 the company bought the government's plants and j research laboratories at Terre Haute. Ind. Butyl alcohol is the chief product, although by-products and derivatives from this production give other chemical solvents of increasing importance. Sales are chiefly to the rayon, artificial leather, drug and chemical industries. Its tw? principal plants, which are thoroughly modern, are located at Peoria, 111., and Terre Haute. FINANCIAL DATA As of Doc. 31, 1933. Common Stock (no par) . 2,635.811 shares Surplus $4,123,227 Investments lAffil. Cos.) 2.551.488 Cash and Securities 1.646.642 Inventories 4.624.620 Total Current Assets 7.695.878 Current Liabilities 1.268.744 During 1933 the firms’ surplus gained about SBOO,OOO, while investments in affiliated companies increased more than SIOO,OOO. Cash and securities, however, dropped 5900.000. Inventories gained $1,400,000 and net working capital increased $400,000. Patents are listed ;at SI. At the end of the year the I current ratio was 6 to 1 and the book value of the stock was $4 06, an increase of 58 cents during the year. Commercial Solvents’ earnings dipped appreciably during the depression but remained in the black. The common stock earned 50 cents I in 1932 and 88 cents in 1933. Eam- ; ings during the first six months of this year amounted to 47 cents, j The company has been generous I with dividends, although the rate has been successively reduced. Surplus was drawn on in 1930, 1931 and 1932. Sixty cents was paid last year and the preesnt dividend rate also is 60 cents. The Commercial Solvents Corporation incorporated in 1919 in Marvi land. The stock is listed on the New York Stock Exchange. At a current price of around 20 it yields 3 per cent. (Ail Rights Reserved. Winchester Institute oX Fmaace, Winchester. Mass.)

Trend of Carloadings

"OusA**OS em. (JO** or caS or CMS IlflJ . 'I'M )* YEAR WEEK tMCtO - S1 TO OCTOBER e : $n- °* E t,JS,zz —i. r 4# 4g ‘ ~ K 5 r— 2 2 pV j :; < |?| ? |?|? - |?| ' uj BB | 9b9~~~ tr> B| jflE B 2 Ipl ra||

Compiled by Brooks Earning Indicator

PRICES LOWER AT STOCKYARDS Weakness Continues in Hog Trading; Range Moves Downward. Weakness continued in hog trading at the local stockyards this morning, with prices moving around 15 to 20 cents lower than yesterday's sharp decline. Underweights regis- j tered the largest decrease. The general bulk of 160 to 200 pounds was selling at $5.40 to $5.65, while heavyweights, ranging from j 200 to 300 pounds, brought $5.70 to $5.80. Few choice Kinds sold at $5.85. Lightweights scaling 130 to 160 pounds, were salable at $4.25 to $5, while smallest grades on hand, 100 to 130 pounds, sold at $2.75 to $4. Packing sows held at $4.25 to $5.25. Receipts were estimated at 6,500; holdovers, 643. Initial trading developed slow in the cattle market, with bidding on slaughter steers around 25 cents or more lower. She stock were the most active. The majority of steers sold under SB. Receipts were 1,600. Veals were weak at $6.50 down. Top was $6.65. Weak undertone was displayed in lamb trading, and most classes were salable at $6.50 down. Top held at $6.75. Bucks were $1 less, while throwouts ranged from $3 to $4.50. Receipts were 1,800. HOGS Oct Bulk. Top Receipts. 10. $5.90® 6.15 $6.45 5.500 11. 5.75® 5.95 6.10 6.000 12. 5.75®: 5.95 6 10 5.000 13. 5.90® 6.15 6 30 2,000 15 5.75® 5.80 6.00 10.000 16. 5.75®; 5.80 5.85 \6.500 1140-160 Good and choice .. $4 75® 525 1 160-180i Good and choice .... 5.40® 5.60 > 180-200) Good and choice ... 5.60® 5.79 (200-2201 Good and choice ... 5.70® 5.80 (220-2501 Good and choice.... 5.75® 5.85 (250-290) Good and choice ... 5.70® 580 (290-3501 Good and choice.... 5 50® 575 Packing sows: (275-3501 Good 4 65® 5.10 (350-4251 Good 4.75® 5.00 (425-550) Good 4 60® 4.85 (275-550) Medium 4.00®, 4.75 (100-130) Slaughter pigs good and choice CATTLE Receipts. 1,600 —Steers—-(sso-900) Choice $ 7.50® 9.00 Good 6.25® 8.25 Medium 4.25® 6 50 Common 2.75® 4.25 (900-1.100) Choice 8.50®,10.00 Good 7.00® 9.00 Medium 4.50® 7.00 Common 3 25® 4.50 (1.100-1,300) Choice 9.00®10.00 Good 6.75® 9 00 Medi'un 4.75® 6.75 (1.307-1,500) Choice 8 25® 10.00 G Kid 7.25® 9.25 —Heifers—-(s)o-750) Choice 7.00® 7.75 Good 5.50® 7 00 Common and medium 2.75® 5.50 750-900) Good and choice ... 5.75® 800 Common and medium 2.75® 5.75 —Cows— Good 3.50® 4.50 Common and medium 2 50® 3.50 Lov.' cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3 00® 3.50 Common and medium 2.00® 3.00 VEALERS Receipts, 800 Good and choice $ 7.00® 8.00 Medium • 4.50® 700 Cull and common 2 50® 4.50 —Calves—-(2so-500) Good and choice ... 4.75® 6.50 Common and medium 2 50® 4.75 —Feeder and Stocker Cattle—(Steers) (500-800) Good and choice .... 4 50® 5.50 Common and medium 3 00® 4 50 (800-1,050) Good and choice. 4 4.50® 550 Common and medium 3 00® 4 50 Good and choice 3.00® 4.25 Common and medium 2.50® 3.00 —Cows— Good , 2 50® 3.00 Common and medium 2.00® 2.50 SHEEP AND LAMBS Receipts, 1.800 Lambs, 90-lb. down, good and choice $ 6 25® 6.75 Common and medium •... 4 00® 6 25 90-120 lbs., good and choice . 2.00® 250 Sheep—-(l2o-1501 Good and choice . 175® 2.20 All weights, common and medium 1.25® 2.00

Other Livestock

(By United Press) LAFAYETTE. Oct 16.—Hog market 1525c lower; 225-250 lbs . $5.60; 250-275 lbs , S5 55 275-300 lbs . $5 50; 300-325 lbs . $5 35; 210-225 lbs.. $5.55: 200-210 lbs.. $5.50: 190200 lbs,. $5.45; 130-190 lbs. $5 40; 170-180 lbs.. $5.30; 160-170 lbs. $5 15; 150-160 lbs.. $4 75; 140-150 lbs.. $4.50: 100-140 lbs . $2 50 ® 4 25; roughs $4.75 down; calves, top. $7; iambs, few SB. FT. WAYNE. Oct 16.—Hogs 10-25 C lower: 250-300 lbs.. $5.70; 200-250 lbs $5 55; 180-200 lbs. *5.40: 160-130 lbs, $5.25: 300350 lbs.. $5 40; 150-160 lbs , $4 50; 140-150 lbs.. $4.25: 130-140 lbs.. $3.75: 120-130 lbs.. $3; 100-120 lb? . $2.25: roughs, $4. stags. $2 50; lambs $6. >Bv Times Speciaii LOUISVILLE, Oct. 16.—Cattle—Receipts 250 fair demand! for most classes of slaughter cattle, quality of run generally plain market steady with Monday; bulk common to medium grass steers and heifers. s3®4 25; few $4 50 very little included In the quality to sell above $5. but strictly good baby beef tvpe yearlings quotable to around $6: bulk beef cows. $2 50® 3: low cutters and cutters. $1.25® 2 25; sausage bulls mos'ly $2 75 down; bulk desirable Hereford stock calves salable $4 50 ®5: common to medium grade natives. $2 50® 3.50. Calves—Receipts. 300. market fully 50 cents lower on better grades with more loss on medium kind; bulk good to choice vealers. s6® 6.50 medium and lower grades $5 down. Hogs—Receipts. 700; market, 15 cents lower: top and buik beuer 200 *0 2*o pounds. $5 60: 180 to 195 pounds. $5 35 *65 pounds up $5 15; 160 to 175 pounds $4(5; 140 to 155 pounds, $4 25; 120 to 135 pounds. $2.75; sows. S4 40. Sheep —Receipts. 400. including 80 s‘ock ewes: demand dependable from all classes; sheep and lamb market mostly steady: bulk better iambs. $696 25; choice .scarce quotable higher, most bucks. ss®s 2v light throwouts. $3 50 better fat ewes. slso® 2; desirable stock ewes saiabie. $5 ®7.50 a head.

Stock Increase Voted Authorization to increase capital stock of the Continental Can Company, Inc., of Millbrook, New York, from 540.000.000. consisting of 2,000.000 shares of S2O par value stock, to $60,000,000, consisting of 3,000,000 shares of a similar par value, was voted by stockholders.

Wall Street BV RALPH HENDERSHOI Times Special Writer

PRESIDENT ROOSEVELT has not taken the public into his confidence as to what he told the bankers he invited to the White House, but whatever it was it made a big hit. The frowns of yesterday have been replaced by smiles, and the security and commodity markets have reflected their elation in no uncertain terms.

Most people in the financial district who taavc not been let in on the know believe the President has something new up his sleeve. Some broad hints have been dropped, apparently because the change in the general attitude is like that of a

■C j| K ■

youngster who has Hendershot j usfc ]et out of school at the end of the term. Further devaluation of the dollar has come into prominence in the discussions of economic and monetary conditions, particularly after Senator Bulkley’s reference to it recently following his visit with the President. Opinions differ widely on the subject, however, in the light of the bankers’ attitude. an n MOST bankers are opposed to any further cut in the gold content of the dollar. They would much prefer to have the President take a stand against it. But it is conceivable that they would prefer such a step to currency inflation. Consequently, the bankers’ attitude these days probably should not be accepted as a definite indication that Mr. Roosevelt has quieted their fears in that respect. On the other hand, though, the appearance of Professor George F. Warren in Washirgton leads many to think that the Chief Executive is seriously considering further devaluation. Mr. Warren not only was in the forefront among those advising the President to take such a step, but he actually took charge of the operation. It is reasonable to suppose that if the United States further reduced the gold content of the dollar renewed pressure for depreciation of gold bloc currencies would take place. Certainly the countries still on gold, and England as well, are unlikely to sit idly by and see the United States cut further into the world markets. Under the circumstances it would seem rather doubtful that the President would desire to complicate the international money mess any more than it is now. a a a IN the absence of the facts your correspondent is of the belief that the sudden change of attitude in Wall Street is due to the recognition the President has accorded the bankers. He would not be particularly surprised if a deal had been made whereby the President would attempt to stabilize the dollar at its present level, provided the bankers come through with the support the administration feels it should have from them. Trade appears to be on the mend, and the various markets seem to be in a strong technical position. In other words, the stage is set properly for the bankers to step in with more credit and other constructive support for business. And this support would be beneficial all around. PLAN PAYROLLS IN AUGUST SHOW GAIN Increase of 3 Per Cent Reported During Month. By Time * Special NEW YORK. Oct. 16.—Factory pay rolls rose seasonally during August following a decline of three months’ duration from the recovery peak in April, according to the Alexander Hamilton Institute. The increase over July amounted to 3 per cent, bringing the index to 62 2, as compared with 60.4 per cent in the previous month, 67.3 per cent at the peak, and 56.8 per cent in August, 1933. The average seasonal increase between July and August, based on the fifteen-year period from 1919 to 1933 is 3.5 per cent, or slightly greater than the August gain this | year, the report stated. Last year factory pay rolls rose 11.8 per cent in Augus tover July. STOCK VALUES DECLINE By Time* Special CHICAGO, Oct. 16.—Twenty-five representative stocks listed on the Chicago Stock Exchange had a market value at the close of business for the week ended Oct. 13 of 5457,831,863, a decrease of $1,861,7fl, or 0.4 per cent, as compared with the market value of $459,693,600 at the close of the previous week, according to a compilation by Paul H. Davis & Cos.

Mortgage Loans On Indianapolis Improved Real Estate THE UNION TRUST CO. of Indiana vis 118 E. Market. „ 81-SB4l

Latest Stock, Bond and Commodity Quotations

JAPAN CALLED THREATTOU.S, TEXTILETRADE Cotton Exports Are Seen Doomed by Eastern Competition. By V nit fit Pre** WASHINGTON, Oct. 16—United States export trade in cotton textiles to Latin America is threatened with extinction in the face of Japanese competition, Henry Lauten, member of the Textile Export Association, testified yesterday before the committee on reciprocity information. Mr. Lauten urged the government to find some means of aiding the industry. He testified at a hearing on projected trade agreements with Haiti. Mr. Lauten said that since 1933 Japan has practically crowded United States exporters out of the Haitian market. “Japan attacked us first in Haiti ana subsequently in Cuba, Central America, Argentina and the west coast of South Africa," he declared, U. S. Cotton Exports Decline In 1932 Haiti imported 13,859 packages of cotton goods from the United States and none from Japan, according to the testimony. In the first eight months of this year Haiti imported from the United States about 1,300 packages and 15,000 from Japan. A cable report for September said that Haiti imported 2,993 packages from Japan. “Under these conditions,” Mr. Lauten asserted, “there is no further hope for American industry In. competition with Japan, where costa of production are the lowest. Tha picture of Haiti is no different from the picture in any other Central American or South American country. We must liquidate this United States export business unless the government can find ways and means to help.” Mr. Lauten pointed out that the NR A had increased textile wages here 70 per cent and that American workers now are paid five times as much as the Japanese. Insurmountable Handicap “This is a handicap which can not be overcome,” he said. Governor Blanton Winship of Puerto Rico urged that careful attention be given to that territory in connection with a 1 projected treatity with Latin American countries. He pointed out that Puerto Rican agriculture had been handicapped by the seasonal tariff cuts accorded to Cuban winter fruits and vegetables. J. E. Edmonds of the southern rice industry urged attention to exports of southern rice. He said that Haiti formerly consumed 15,000,000 pounds of American rice annually, but last year less than a carload was shipped. A. M. Loomis, representing the American Association of Creamery Butter Manufacturers, asked that encouragement be given to exports of American butter to Caribbean markets. NEW PROOF MACHINE TO IMPROVE BANKING Costly Delays for Sorting Checks, Accounts Are Eliminated. Bn 7 imes Special NEW YORK, Oct. 15.—A proof machine for banks, which eliminates costly delays in the listing, sorting and clearing of bank checks and the verifying of deposit slips, has been added to the International Business Machines Corporation’s list of automatic electric business and office machines, officials announced today. Development of the machine wa3 carried on with the co-operation and advice of several of the bestinformed bank officials. Since the machine was developed, bankers have been very enthusiastic about it and contracts already have been obtained from a number of representative banks. In addition to its automatic sorting, listing, totaling and verifying operations, the proof machine counts the total checks listed, flashes a warning signal when the tape in any of its twenty-five adding machines is running low, flashes another signal and automatically stops functioning when any sorting compartment becomes full of checks and refuses to operate while the inspection door is open for tampering with its mechanism. STOCK TO BE RETIRED BY BROWN SHOE FIRM Outstanding Preferred Issues Reduced to 31,625 Shares. By Time* Special ST. LOUIS, Oet. 16.—Retirement by the Brown Shoe Company of 1.375 shares of preferred capital stock was announced today by John A. Bush, president. This represents the company's retirement requirements through the year 1935. The outstanding preferred stock has been reduced from 33.000 to 31,625 shares by the move, which adheres to an established Brown Shoe Company policy of annually retiring more than the 1.000 required shares, Mr Bush explained. “The value of shares outstanding is at the present time quoted at $3,374,062.50,” Mr. Bush said. “At the high point there were 60,000 shares with a par value of $6,000,000. At the present rate, the company will have retired all current issues of preferred stock by 1957.’* CONTRACT IS AWARDED By I nited Pret* WASHINGTON, Oct. 16.—Tha national park service has announced the award of a contract to the H E. Wolfe Construction Company. St. Augustine, Fla., for highway improvement in the Chattanooga national military park, in Georgia. The work was estimated to cost $70,975.

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